Wednesday, November 10, 2010

Mortgage Servicers and Foreclosures
Conflicts of Interest Hinder Workouts

Diane Thompson of the National Consumer Law Center (NCLC) has been a key player in helping consumer advocates battle the mortgage foreclosure crisis. Not only has she conducted training sessions throughout the country, she has produced analytical and training material that are some of the best in the business. It looks like she's finally starting to get some due credit.

Pro Publica features Diane's analysis in an article highlighting problems with mortgage servicers, especially conflicts of interest. For some time, NCLC has made available Diane Thompson's white paper, Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior. This should be required reading for legislators and policy makers. Below is a table from the article that highlights some of the conflicts of interest involving servicers that are keeping our foreclosure rate high and our recovery rate low.

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